Caesars Entertainment Wraps Up William Hill Acquisition
The deal was struck in September of 2020, but it took many months to reach the endgame.
Now, it is a done deal, and Caesars Entertainment owns outright the international sportsbook-and-gambling leviathan William Hill. And it only cost $4 billion.
The two companies currently operate sports betting venues throughout the US.
13 of which offer mobile sports wagering, and Caesars anticipates broadening its reach with two additional jurisdictions before 2021 is in the history books.
The purchase, according to a press release from Caesars, gives the company ownership of one of the world’s leading gambling companies, and further, affords Caesars the opportunity to build on the swiftly growing success of sports wagering and online gaming in the United States.
Even prior to the purchase deal (which was then valued at about $3.7 billion), Caesars Entertainment and William Hill were in business together.
Caesars owning 20% of all William Hill’s US business in return for William Hill setting up sportsbooks in the 50-plus casinos Caesars Entertainment operates in the U.S.
Caesars Entertainment intends to sell off the non-U.S. assets of William Hill, including its international and UK divisions, its online gaming operations, and its reported 2000-plus retail betting shops in the UK.
One possible beneficiary of the sale of those assets could be the U.S. private equity firm Apollo Global Management Inc., which had made two unsuccessful bids to acquire William Hill prior to the announcement of the Caesars Entertainment deal in September.
Caesars Entertainment was absorbed by Reno-based Eldorado Resorts (which retained the Caesars name) in July of 2020 and struck the deal with William Hill three months after its own change in ownership.
Tom Reeg, CEO of Caesars Entertainment, told reporters that he welcomed the opportunity to combine the two companies.
William Hill was founded in London as a simple bookmaking firm in 1934 and has since become a leader in the sports betting and e-gaming industries.